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Pensions Tax Relief

Pensions Tax Relief is added when you make a contribution to your pension. It is added at the rate of 20%, so for every £80 you contribute an aditional £20 will be added. For most higher rate taxpayers an additional 20% can be reclaimed via Self-Assessment.

There are limits on the amount of Pensions Tax Relief you can receive, usually up to the amount of your earned income. So, if you have earnings of £30,000pa you would normally be entitled to claim tax relief on this amount if contributed to a pension plan. Even those with no earnings can receive tax relief on contributions up to £2,880pa. The entitlement cannot be carried forward to a subsequent tax year.

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